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Biden proposes 30% climate change tax on cryptocurrency mining
The White House is trying to persuade Congress to pass a 30% tax on the electricity used in cryptocurrency mining in the next federal budget in order to minimize the nascent industry’s impact on climate change.
“Cryptominers’ high-energy consumption has negative spillovers on the environment, quality of life, and electricity grids where these firms locate across the country,” the president’s Council of Economic Advisers (CEA) argues in a blog post that will appear on the White House website on Tuesday, to which Yahoo News gained advance access. The post will lay out the case for the Digital Asset Mining Energy (DAME) excise tax, which the CEA writes is an “example of the Administration’s efforts to fight climate change and reduce energy prices.”
State or local regulation might just lead the industry to move elsewhere, the White House says, so it believes that the federal government needs to step in and provide some national regulation that reflects the social cost of crypto mining. The tax would be phased in over three years, starting at 10% next year, then rising to 20% and finally 30%.
Biden proposes 30% climate change tax on cryptocurrency mining
The White House is trying to persuade Congress to pass a 30% tax on the electricity used in cryptocurrency mining in the next federal budget in order to minimize the nascent industry’s impact on climate change.
